Voloridge Investment Management LLC boosted its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 55.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 775,106 shares of the real estate investment trust's stock after purchasing an additional 275,221 shares during the period. Voloridge Investment Management LLC owned approximately 0.75% of Agree Realty worth $54,606,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Spire Wealth Management acquired a new position in shares of Agree Realty in the fourth quarter valued at approximately $411,000. abrdn plc grew its position in Agree Realty by 33.7% in the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock valued at $1,922,000 after buying an additional 6,924 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Agree Realty by 3.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust's stock valued at $21,258,000 after buying an additional 10,446 shares during the period. JPMorgan Chase & Co. raised its position in Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after buying an additional 990,362 shares during the last quarter. Finally, Sage Investment Counsel LLC acquired a new stake in shares of Agree Realty in the 4th quarter worth $329,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
ADC has been the subject of several analyst reports. Truist Financial increased their price target on shares of Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Evercore ISI upped their price objective on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research report on Friday, May 16th. Finally, Wells Fargo & Company boosted their target price on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research report on Monday, March 10th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and an average price target of $81.19.
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Agree Realty Price Performance
Shares of NYSE:ADC traded up $0.53 during midday trading on Monday, hitting $75.03. 1,002,913 shares of the stock were exchanged, compared to its average volume of 1,053,770. Agree Realty Co. has a twelve month low of $58.52 and a twelve month high of $79.65. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The company has a 50 day moving average price of $75.57 and a 200-day moving average price of $74.12. The stock has a market cap of $8.25 billion, a P/E ratio of 42.15, a PEG ratio of 2.88 and a beta of 0.57.
Agree Realty (NYSE:ADC - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The firm had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. During the same period last year, the firm posted $0.43 EPS. On average, research analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.
Agree Realty Increases Dividend
The business also recently disclosed a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a dividend of $0.256 per share. This is an increase from Agree Realty's previous monthly dividend of $0.25. This represents a $3.07 annualized dividend and a dividend yield of 4.09%. The ex-dividend date is Friday, May 30th. Agree Realty's payout ratio is currently 173.45%.
About Agree Realty
(
Free Report)
Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.
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